Flashing colors 'UnityEngine.Component.renderer' is obsolete.

Hi, imported my old flashing colors script however seems to be obsolete, not sure were to put the GetComponent() (with my rigidbody errors i just had to insert a var declairing ridgid body as getcomponent, however Renderer didnt work that way. JS:

 #pragma strict
 
 var colors = new Color[2];
 
 
 function Update () 
 { 
 renderer.material.color = colors[0]; yield WaitForSeconds(.5); renderer.material.color = colors[1]; 
 }